PWB vs. DYNF

Last updated Jun 16, 2026

PWB (Invesco Dynamic Large Cap Growth ETF) and DYNF (iShares U.S. Equity Factor Rotation Active ETF) are both exchange-traded funds - PWB is a Large Cap Growth Equities fund tracking the Dynamic Large Cap Growth Intellidex Index, while DYNF is a Large Cap Blend Equities fund actively managed by iShares. PWB is passively managed, while DYNF is actively managed. Over the past 5 years, PWB returned 18.60%/yr vs 15.35%/yr for DYNF. Their correlation of 0.91 suggests significant overlap in exposure. PWB charges 0.56%/yr vs 0.26%/yr for DYNF.

Performance

PWB vs. DYNF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Large Cap Growth ETF (PWB) and iShares U.S. Equity Factor Rotation Active ETF (DYNF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PWB achieves a 30.14% return, which is significantly higher than DYNF's 12.25% return.

PWB

• 1D: 3.30%
• 1M: 7.93%
• YTD: 30.14%
• 6M: 31.70%
• 1Y: 48.14%
• 3Y*: 33.67%
• 5Y*: 18.60%
• 10Y*: 18.77%

DYNF

• 1D: 2.16%
• 1M: 2.71%
• YTD: 12.25%
• 6M: 12.86%
• 1Y: 31.46%
• 3Y*: 25.36%
• 5Y*: 15.35%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PWB vs. DYNF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PWB Invesco Dynamic Large Cap Growth ETF	30.14%	24.94%	31.04%	30.61%	-25.81%	19.58%	31.89%	9.60%
DYNF iShares U.S. Equity Factor Rotation Active ETF	12.25%	20.00%	30.29%	36.25%	-20.27%	22.12%	13.47%	14.75%

Correlation

The correlation between PWB and DYNF is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019	0.91

The correlation between PWB and DYNF has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

PWB vs. DYNF - Sectors Allocation Comparison

Sectors	PWB	DYNF
Technology	48.9%	40.1%
Industrials	14.8%	8.4%
Communication Services	10.6%	10.7%
Financial Services	9.2%	14.9%
Consumer Defensive	7.4%	1.7%
Consumer Cyclical	4.8%	7.1%
Healthcare	3.2%	6.1%
Utilities	1.6%	2.8%
Basic Materials	1.2%	0.8%
Energy	-	5.0%
Real Estate	-	2.0%

Return for Risk

PWB vs. DYNF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PWB

PWB Risk / Return Rank: 81
PWB Sharpe Ratio Rank: 83
PWB Sortino Ratio Rank: 77
PWB Omega Ratio Rank: 77
PWB Calmar Ratio Rank: 82
PWB Martin Ratio Rank: 87

DYNF

DYNF Risk / Return Rank: 82
DYNF Sharpe Ratio Rank: 84
DYNF Sortino Ratio Rank: 82
DYNF Omega Ratio Rank: 82
DYNF Calmar Ratio Rank: 78
DYNF Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PWB vs. DYNF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Large Cap Growth ETF (PWB) and iShares U.S. Equity Factor Rotation Active ETF (DYNF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PWB	DYNF	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.41	0.00
Sortino ratio: Return per unit of downside risk	3.09	3.23	-0.14
Omega ratio: Gain probability vs. loss probability	1.41	1.43	-0.02
Calmar ratio: Return relative to maximum drawdown	4.00	3.65	+0.35
Martin ratio: Return relative to average drawdown	16.69	17.10	-0.40

PWB vs. DYNF - Sharpe Ratio Comparison

The current PWB Sharpe Ratio is 2.42, which is comparable to the DYNF Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of PWB and DYNF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PWB vs. DYNF - Drawdown Comparison

The maximum PWB drawdown since its inception was -52.58%, which is greater than DYNF's maximum drawdown of -34.72%. Use the drawdown chart below to compare losses from any high point for PWB and DYNF.

Drawdown Indicators

	PWB	DYNF	Difference
Max Drawdown Largest peak-to-trough decline	-52.58%	-34.72%	-17.86%
Max Drawdown (1Y) Largest decline over 1 year	-12.11%	-8.67%	-3.44%
Max Drawdown (3Y) Largest decline over 3 years	-22.10%	-18.70%	-3.40%
Max Drawdown (5Y) Largest decline over 5 years	-31.41%	-28.65%	-2.76%
Max Drawdown (10Y) Largest decline over 10 years	-32.36%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.23%	-5.96%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	1.85%	+1.04%

Volatility

PWB vs. DYNF - Volatility Comparison

Invesco Dynamic Large Cap Growth ETF (PWB) has a higher volatility of 9.23% compared to iShares U.S. Equity Factor Rotation Active ETF (DYNF) at 5.25%. This indicates that PWB's price experiences larger fluctuations and is considered to be riskier than DYNF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PWB	DYNF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	5.25%	+3.98%
Volatility (6M) Calculated over the trailing 6-month period	16.98%	10.57%	+6.41%
Volatility (1Y) Calculated over the trailing 1-year period	20.07%	13.14%	+6.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	17.61%	+3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.86%	19.92%	+0.94%

PWB vs. DYNF - Expense Ratio Comparison

PWB has a 0.56% expense ratio, which is higher than DYNF's 0.26% expense ratio.

Dividends

PWB vs. DYNF - Dividend Comparison

PWB has not paid dividends to shareholders, while DYNF's dividend yield for the trailing twelve months is around 1.06%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DYNF iShares U.S. Equity Factor Rotation Active ETF	1.06%	1.01%	0.65%	1.11%	1.66%	2.89%	1.52%	1.22%	0.00%	0.00%	0.00%	0.00%
PWB Invesco Dynamic Large Cap Growth ETF	0.00%	0.00%	0.08%	0.37%	0.31%	0.04%	0.21%	0.58%	0.97%	0.54%	0.82%	0.67%

Frequently Asked Questions

Can I hold both PWB and DYNF in my portfolio?

With a correlation of 0.90, PWB and DYNF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PWB or DYNF?

PWB has higher volatility (9.23%) compared to DYNF (5.25%). In terms of maximum drawdown, PWB dropped -52.58% vs DYNF's -34.72%.

Which ETF is better, PWB or DYNF?

On 5-year performance, PWB leads with 18.60% vs 15.35% for DYNF. On fees, DYNF is cheaper at 0.26% per year. On volatility, DYNF has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PWB or DYNF?

Over the 5-year period, PWB has performed better with a 18.60% return vs 15.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PWB or DYNF?

DYNF is cheaper with a 0.26% expense ratio, compared with 0.56% for PWB.

Which ETF pays a higher dividend yield, PWB or DYNF?

DYNF has the higher dividend yield at 1.06%, compared with 0.00% for PWB.

What is the main difference between PWB and DYNF?

PWB is categorized as Large Cap Growth Equities, while DYNF is Large Cap Blend Equities. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.56% for PWB and 0.26% for DYNF.

Which has better risk-adjusted returns?

PWB currently has the higher Sharpe Ratio (2.42 vs 2.41), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.